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No matter your age, as a landowner, a business person, or simply a homeowner with valuables you want to go to someone special, you should be concerned about the future of your business or the distribution of the property in question to the right individual or organization. The intent of estate planning is to plan for the successful distribution of property in accordance with the wishes of the deceased and to do so with a minimum of delay and anguish immediately after the death of an older generation. This is typically one of the most emotional times of our lives and it is best to have the estate distribution plan already in place before this emotional event happens. It helps with the stability and viability of the business to have that plan in place and it can save on federal and/or state estate taxes.
So, what if you don’t think you have enough assets to worry about an estate tax? Most professionals would argue that estate planning is not only about avoiding taxation but also about ensuring that your wishes are known to your heirs and that the assets go to those you want to have them.
Rural Tax Education
estate, planning, finances
Education | Higher Education | University Extension
Cushing, Tamara L., "Estate Planning" (2012). Rural Tax Education. 7.